North American Gold to earn Swedish property interest
2004-04-30 16:50 ET - Property Agreement
NAU
The TSX Venture Exchange has accepted for filing option agreements dated Nov. 3, 2003, between North American Gold Inc. and MinMet PLC (Dublin Stock Exchange listed), pursuant to which the company may acquire a 60-per-cent interest in each of the Norra project and the Barsele project located in northern Sweden.
In consideration for the 60-per-cent option on the Norra project, the company undertakes to finance exploration expenditures in the minimum amount of $1.5-million (U.S.) (including 5,000 metres of drilling) within a 36-month period, of which $250,000 (U.S.) work (including 1,000 metres of drilling and preliminary metallurgical testwork) is due within the first 12 months. In addition, the company will issue 200,000 shares in stages over a 36-month period (50,000 shares due within 90 days and a further 50,000 shares due with 12 months).
In consideration for the 60-per-cent option on the Barsele project, the company undertakes to finance exploration expenditures in the minimum amount of $2-million (U.S.) (including 10,000 metres of drilling) within a 36-month period, of which $500,000 (U.S.) work (including 2,000 metres of drilling and preliminary metallurgical testwork) is due within the first 12 months. In addition, the company will issue 200,000 shares in stages over a 36-month period (50,000 shares due within 90 days and a further 50,000 shares due with 12 months).
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